Author: Mujeedat
Dangote Petroleum Refinery is targeting about $1 billion through a private placement, valuing the company at roughly $39.1 billion, according to sources and a placement document. The refinery is offering 3 billion ordinary shares at $0.35 per share, with investor demand already exceeding $2 billion. Investors must subscribe to a minimum of 1 million shares ($350,000), with additional purchases in multiples of 500,000 shares. The shares will carry a 365-day lock-up period. Proceeds will fund expansion and general corporate purposes as the refinery scales operations and strengthens its market position. The 650,000 barrels-per-day facility, which started production in…
The global gas turbine market is experiencing a significant boom, driven by escalating tensions in the Middle East and massive data centre expansion in the United States, according to Siemens Energy executives. Manufacturers are already flooded with orders as hyperscalers invest more than $700 billion in energy-intensive artificial intelligence infrastructure, fuelling demand for new energy capacity. Along with rivals GE Vernova and Mitsubishi Heavy Industries, Siemens Energy has seen gas turbine demand soar. This trend has boosted the firms’ share prices in recent years and is now being reinforced by Middle East governments seeking to secure energy supplies amid…
The Lagos State Government has reiterated its ambition to become Africa’s leading destination for investment, innovation, and enterprise, unveiling new opportunities across infrastructure, tourism, the creative economy, and financial services. Speaking on the second day of the Invest Lagos 3.0 Summit at Eko Hotels and Suites in Victoria Island, Governor Babajide Sanwo-Olu, Deputy Governor Dr. Obafemi Hamzat, senior officials, and policymakers outlined concrete plans, ongoing projects, and investment-ready opportunities designed to attract local and international capital. In his address during the closing ceremony, Governor Sanwo-Olu said the summit’s success would ultimately be measured not by the quality of discussions…
The Federal Government has released approximately N700 billion ($514.2 million) to settle outstanding payments owed to 1,240 local contractors working across ministries, departments, and agencies. In a June 8 statement, the Ministry of Finance revealed that N436.6 billion of the total was disbursed in May 2026 alone. The payments aim to support local businesses and small and medium-sized enterprises (SMEs), many of which have struggled with cash-flow problems due to delayed government payments. Authorities also expect the measure to revive public projects that have slowed or stalled because of funding constraints. Officials said the initiative will help preserve…
Nigeria’s external reserves have crossed the $50 billion threshold, marking a symbolic milestone that reflects stronger oil and gas revenue prospects and validates earlier expectations for reserve accretion, according to Dikpa Jay, head of fixed income and FX at Chapel Hill Denham Securities. In a CNBC television interview, Jay said the reserves buildup, which included nearly half a billion dollars added in just the first four days of June—is supported by favorable external conditions for Nigeria’s export earnings, particularly from oil and gas. He emphasized that the accretion is not isolated but part of a broader positive dynamic in…
The Independent National Electoral Commission (INEC) has explained its decision to appeal two recent Federal High Court judgments that questioned aspects of its Timetable and Schedule of Activities for the 2027 General Election, arguing that the absence of coordinated electoral timelines would create uncertainty and undermine its constitutional mandate. INEC Chairman Prof. Joash Amupitan, SAN, disclosed this on Tuesday, June 9, 2026, while delivering opening remarks at the Second Quarterly Consultative Meeting with Leaders of Political Parties in Abuja. He outlined that in Suit No. FHC/ABJ/CS/517/2026 (Youth Party v. INEC), delivered on May 20, 2026, the court questioned certain…
In a historic move to redefine public access to art and culture in Nigeria, the Yemisi Shyllon Museum of Art (YSMA) at Pan-Atlantic University will offer free admission to all visitors starting June 15, 2026. The initiative, the first since the museum’s establishment, is funded by prominent art collectors and philanthropists Aisha and Gbenga Oyebode, who have committed to supporting the programme for an initial three-year period. Mr. Oyebode also serves on the YSMA Museum Advisory Board. The decision marks a major milestone in YSMA’s mission to broaden public access to Nigerian art and deepen cultural participation across diverse…
In a decisive move to safeguard Nigeria’s domestic vegetable oil industry, the Nigeria Customs Service has announced a major crackdown on illegal imports, deploying intelligence-led operations designed to prevent illicit trade from strangling local businesses and wiping out jobs in the agricultural sector. Comptroller-General of Customs Adewale Adeniyi announced the intensified anti-smuggling drive on Friday, June 5, 2026, while meeting with vegetable oil industry stakeholders at the Service Headquarters in Maitama, Abuja. Adeniyi affirmed the Service’s dedication to eliminating smuggling through strategic enforcement, intelligence collection, and collaboration with industry partners. He emphasized that Customs and vegetable oil operators…
Nigeria is moving closer to the 2027 general elections while the country grapples with deepening economic difficulties, widespread insecurity, and growing public anger toward leaders who have failed to deliver meaningful progress. Against this backdrop of national frustration, a new political figure has emerged seeking to reset the country’s direction through presidential candidacy. Professor Oluwamuyiwa Favour Ayodele, who goes by the name The Carpenter, has officially declared his intention to compete for the presidency of the Federal Republic of Nigeria. His entry into the political scene represents something beyond conventional election participation. Ayodele describes himself as a force for…
The Nigeria Union of Journalists will hold a two-day National Security Summit on Thursday, June 18 and Friday, June 19, 2026, in Abuja to strengthen partnership between media organizations and security agencies for national stability and development. The summit carries the theme Media and Security Agencies as Partners in Nation Building. Comrade Abimbola Oyetunde, Chairman of the Organizing Committee, stated in a press release that the Security Summit serves as a high-level platform for substantive dialogue on how journalists and security operatives can collaborate more effectively in protecting the country, managing crisis information, and building public confidence in…